Australia's largest cannabis company enters JV with RFI
Written on the 11 June 2019 by Matt Ogg
Major Australian cannabis player Elixinol (ASX: EXL) expects its US subsidiary will have greater exposure to markets thanks to a strategic partnership secured with RFITD Holdings.
The new alliance links Elixinol to RFI, a New York-based food ingredients manufacturer that has been in business since 1989.
The two new partners have created a new entity in Colorado called Infusion Strategies, which is 60 per cent owned by Elixinol and 40 per cent owned by RFI.
RFI will manage Infusion and give Elixinol access to its customers in the CBD-infused dietary supplement, nutraceutical, food and beverage industries.
In return Elixinol will provide hemp expertise, supply chain stability, and the highest-quality full-spectrum and THC-free hemp CBD extracts.
Elixinol global chief executive officer Paul Benhaim(pictured) says the group is pleased to have entered into the deal with RFI, founded by Jeff Wuagneux 30 years ago with a vision to establish a vertically integrated, global source of natural specialty ingredients and formulas.
"Jeff and his team are now recognised as a diversified and quality driven developer, manufacturer and marketer of a wide range of natural products and we are pleased that Elixinol will be benefiting from their extensive experience and reputation," says Benhaim.
"RFI is excited to be partnering with Elixinol to develop and offer the highest quality sustainable ingredients, custom blends and turnkey products," adds Wuagneux.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: Matt Ogg